Congress Signs Letter Asking CFPB for Relief

Congress and credit union representatives are asking for relief from the Consumer Financial Protection Bureau (CFPB).

A letter imploring the Bureau to exempt credit unions from certain rules that should only target predatory institutions was signed by 70 U.S. senators, including Michigan’s Gary Peters and Debbie Stabenow. An earlier letter that circulated in the House of Representatives was signed by 12 of Michigan’s 14 members of Congress.

The Senate letter asked that the CFPB more carefully consider the work that community banks and credit unions do for their members and tailor their rules accordingly.

The CFPB has been requested to not disrupt the healthy financial services that credit unions provide to their communities. The U.S. Senate specifically cited how credit unions help members start small businesses, buy homes and cars and send kids to college.

The Michigan Credit Union League (MCUL) and our partners at the Credit Union National Association (CUNA) are proud of the overwhelming support we have from Congress. “We think this sends a clear, forceful message to the Bureau, one that we hope it will heed now and into the future,” commented CUNA CEO Jim Nussle.

Last week, MCUL and CUNA responded to the CFPB’s proposed rule “Payday, Vehicle Title, and Certain High-Cost Installment Loans.”